Excelsior sells US solar & storage portfolio to BlackRock

March 14, 2024

Energy infrastructure investor Excelsior Energy Capital has sold a portfolio of 38 US solar energy and solar plus storage projects from its Fund I portfolio to BlackRock’s Evergreen Infrastructure Partners Fund.

The sale to BlackRock represents Excelsior’s first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I LP. The fund, which launched seven years ago and attracted capital commitments above its $500M target, has invested in solar, wind, and battery storage projects across 10 US states.

The project portfolio consists entirely of operational solar and battery storage distributed generation projects with a total nameplate capacity of 89 MWDC, which formed a distinct sub-portfolio within Excelsior’s Fund I. This made these assets suitable for an exit separate from Excelsior’s other utility-scale assets held within the same fund.

Excelsior was advised by Akin Gump, as well as Morgan Stanley and KeyBanc Capital Markets throughout the sale process. Latham & Watkins, along with KPMG, Natural Power, and Thorndike Landing advised BlackRock.

“This successful exit marks a proud milestone for the Excelsior team and validates our differentiated strategy for addressing North American renewable power generation,” said Chris Moakley, managing partner of Excelsior.

James Berner, managing director and head of the Americas for BlackRock’s Evergreen Infrastructure Partners Fund, said: “We believe this diversified portfolio of long-term contracted commercial and industrial solar and storage projects represents an attractive platform investment for the core, open-ended Evergreen fund. This investment, sourced from a strong existing relationship across BlackRock Infrastructure with Excelsior, epitomises the fund’s strategy of investing in long-dated infrastructure platforms with potential future growth well aligned with the energy transition and energy security.”